Isn't all the real estate market talk overwhelming?  Analysts and forecasters typically talk in generalizations, but what really matters is how you are affected.  Real estate operates in very localized markets as the data below shows. 

Download this chart that I created with information from 1998-2008.  This data is pulled by MLS area.  A highlight of 2007 to 2008 shows that Alum Rock was the area hit 42% in just one year.  South San Jose (area 11) was hit the second hardest at 34%.  Other areas hit pretty hard are Mipitas, Morgan Hill and Gilroy-the lower end or farther out of Silicon Valley, upto 42%.  All raw data I compiled and analyzed can be reviewed at detail link below.

Keep in mind that this data shown above is through December 2008 and some areas have seen additional decline this year already.  The high-end market (over $1million) particularly Saratoga, Los Gatos are just realizing the decline most areas saw last year as jumbo financing (over $625,500 loan amount) is very difficult in today's market.

WHAT DOES THIS MEAN FOR YOU?

Take a look at your area in the data below and see what conclusions you can draw.  Read on to further posts to see if I comment on your specific area or drop a comment and I can make a future post be your answer!

More Details: raw numbers for all county MLS areas